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Measuring the Value of Urban Forest using

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  • Jan Melichar
  • Pavel Rieger
  • Ondřej Vojáček
  • Karel Jedlička

Abstract

A hedonic model to the Prague real estate market was applied in order to estimate the effects of the proximity to urban forests and parks on prices of the real estate. Therefore, a large database of 1,701 observations was constructed. This database contains structural aspects, accessibility characteristics and environmental variables on proximity and size of the nearest urban forest. Several regression models have been developed and their robustness has been tested in terms of the signifi cance of parameters and the size of variability explained. Results showed the size of the fl at is the most relevant variable explaining the price of the real estate. A signifi cant inverse relationship between the price of the real estate and its distance from a metro station and an urban forest has also been found.

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Bibliographic Info

Article provided by University of Economics, Prague in its journal Regionální studia.

Volume (Year): 2009 (2009)
Issue (Month): 2 ()
Pages: 13-20

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Handle: RePEc:prg:jnlrst:v:2009:y:2009:i:2:id:11:p:13-20

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Related research

Keywords: regression analysis; hedonic price; geographical information system; property market; urban forests; hedonická cena; regresní analýza; geografický informační systém; trh s bydlením; městské lesy;

References

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  1. Tyrvainen, Liisa & Miettinen, Antti, 2000. "Property Prices and Urban Forest Amenities," Journal of Environmental Economics and Management, Elsevier, vol. 39(2), pages 205-223, March.
  2. Anderson, Soren T. & West, Sarah E., 2006. "Open space, residential property values, and spatial context," Regional Science and Urban Economics, Elsevier, vol. 36(6), pages 773-789, November.
  3. Baranzini, Andrea & Schaerer, Caroline, 2011. "A sight for sore eyes: Assessing the value of view and land use in the housing market," Journal of Housing Economics, Elsevier, vol. 20(3), pages 191-199, September.
  4. Cropper, Maureen L & Deck, Leland B & McConnell, Kenneth E, 1988. "On the Choice of Functional Form for Hedonic Price Functions," The Review of Economics and Statistics, MIT Press, vol. 70(4), pages 668-75, November.
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